I’ve been following the sad tale of Debt Relief USA, a debt settlement company here in Dallas. Their big pitch was that you should not file bankruptcy.
But, that’s exactly what they did.
Seems they took in $4.5 million of people’s money and were supposed to use it to “settle” their debts. Instead, they used it for other things and when their cash flow got short, they ran down and filed bankruptcy.
I think that’s very hypocritical.
Lots of people never got any of their debts settled and now are in far worse shape then they were before they signed up for Debt Negotiation. The Attorney General’s office is getting involved and it’s likely that the clients will all have to file bankruptcy anyway, even though they paid thousands to the Debt Negotiation company thinking that it would avoid a bankruptcy.
They should have just filed bankruptcy to begin with– it’s cheaper, easier, and a legally-endorsed method that’s on the up-and-up. Tough lesson, and I feel badly for them.
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